CHICAGO | Lincoln Yards

[maru2501]

Rahm delaying vote on this in deference to Lightfoot


"Rahmbo: I made it very clear to the Mayor-elect that I would not move forward on these projects if she wanted to delay the process. While I firmly believe in the value of these projects to the entire city, out of respect for her wishes and request, I will ... delay the vote"

[maru2501]

Rahm delaying 78 and Lincoln Yards for Lori.. I posted in those threads.. this is his statement

"I made it very clear to the Mayor-elect that I would not move forward on these projects if she wanted to delay the process. While I firmly believe in the value of these projects to the entire city, out of respect for her wishes and request, I will ... delay the vote"

[the urban politician]

Originally Posted by maru2501

Rahm delaying 78 and Lincoln Yards for Lori.. I posted in those threads.. this is his statement

"I made it very clear to the Mayor-elect that I would not move forward on these projects if she wanted to delay the process. While I firmly believe in the value of these projects to the entire city, out of respect for her wishes and request, I will ... delay the vote"

Sterling Bay and Related executives must be shitting their pants

[the urban politician]

Wow, as I stated elsewhere, this must be rocking SB and Related's executive suites.

[maru2501]

it's the right move in a vacuum politically but yeah. Basically that's getting downscaled and they'll have to do more to pay their own way.

[maru2501]

I don't know how it's structured, but yeah, a lot less free money in the mix

I have always thought a delay would mean death here

[LaSalle.St.Station]

Originally Posted by maru2501

I don't know how it's structured, but yeah, a lot less free money in the mix

I have always thought a delay would mean death here

Im smelling public housing in the future and surface parking lots.

[the urban politician]

Lets not forget that the zoning is already approved, it's just the TIF vote that got delayed

[maru2501]

.. some rumblings about the committee choosing to vote anyway.. let's see

[skysoar]

Originally Posted by maru2501

I don't know how it's structured, but yeah, a lot less free money in the mix

I have always thought a delay would mean death here

As I stated earlier this is what I feared with Lightfoot, she is surrounded by people who are anti-Rahm business development, especially downtown. They will try and push her to squeeze every developer, until many projects become cost prohibitive. Lincoln Yards , and 78 are in trouble. Rahm should have went through with the vote and let the new administration try and make adjustments along the way. I see the next 4 years being a bumpy ride for big projects in Chicago these next four years, unless there be a change in Lightfoots mindset.

[maru2501]

thankfully OCS is on lock

[JK47]

Originally Posted by maru2501

Rahm delaying vote on this in deference to Lightfoot


"Rahmbo: I made it very clear to the Mayor-elect that I would not move forward on these projects if she wanted to delay the process. While I firmly believe in the value of these projects to the entire city, out of respect for her wishes and request, I will ... delay the vote"

It sounds like from the news that Emanuel can only ask for the vote to be delayed since it's a matter for the Committee and the Council. Presumably trading on his influence over O'Connor though not sure how great that is considering how the election went. Hopkins though is campaigning to hold the vote today.

[maru2501]

let's hope we don't fully retreat to John Buck doing one spec as-of-right building a year and that's it for center city

[maru2501]

from Tribune reporter John Byrne on twitter @_johnbyrne

Finance Commte Chair Ald Pat O'Connor now says he plans to take testimony on LY and 78 TIFs today, then come back Wednesday morning prior to full council, potentially vote on the controversial funding mechanisms then

[JK47]

Originally Posted by skysoar

They will try and push her to squeeze every developer, until many projects become cost prohibitive.

There is no way that either of these project areas can't be redeveloped at a profit given their size and location relative to the city. Developers should start practicing what I hear a lot of conservatives on here preaching and learn to live within their means and stop looking for public handouts.

[skysoar]

Originally Posted by JK47

There is no way that either of these project areas can't be redeveloped at a profit given their size and location relative to the city. Developers should start practicing what I hear a lot of conservatives on here preaching and learn to live within their means and stop looking for public handouts.

Oh yes, there are just hundreds of developers lined up to develop environmentally challenged areas like Lincoln Yards. I have no problem giving some subsidies to projects like LY, because they have a potential to leverage the T.I.F, by providing employment and a great improvement over what exist there now. Besides we give umm..handouts to a lot less potential entities than Lincoln Yards.

[west-town-brad]

I guess it all depends on if SB purchased the land at it's current industrial and contaminated value or it's assumed value with lax zoning and govt handouts.

the phrase "you make the money on the buy" is really applicable here.

[moorhosj]

Originally Posted by skysoar

Oh yes, there are just hundreds of developers lined up to develop environmentally challenged areas like Lincoln Yards. I have no problem giving some subsidies to projects like LY, because they have a potential to leverage the T.I.F, by providing employment and a great improvement over what exist there now. Besides we give umm..handouts to a lot less potential entities than Lincoln Yards.

Sterling Bay paid $140 million for the A. Finkl & Sons land before there was a TIF.

[LouisVanDerWright]

Originally Posted by maru2501

from Tribune reporter John Byrne on twitter @_johnbyrne

Finance Commte Chair Ald Pat O'Connor now says he plans to take testimony on LY and 78 TIFs today, then come back Wednesday morning prior to full council, potentially vote on the controversial funding mechanisms then

This will be Lightfoot's first real test, the question will be how much do the alderbeasties fear her. One wonders if there will be enough defectors to aldermanic prerogative in this situation to defer to Lightfoot. Though there might also be enough lame ducks in office to throw the vote to SB.

Originally Posted by skysoar

Oh yes, there are just hundreds of developers lined up to develop environmentally challenged areas like Lincoln Yards. I have no problem giving some subsidies to projects like LY, because they have a potential to leverage the T.I.F, by providing employment and a great improvement over what exist there now. Besides we give umm..handouts to a lot less potential entities than Lincoln Yards.

Not hundreds, but Sterling Bay was sold the city parcel North of the North Ave Home Depot at a discount to Omni group's higher bid. The fact is SB is being given preferential treatment here as the "home team champ" which is exactly the kind of clouted bullshit that needs to stop. If Omni is willing to pay more for the facility management garage than Sterling Bay, then it should be sold to Omni. I don't care if SB is trying to do something big and fancy here, the city needs every dime it can get.

Same goes for this TIF bullshit, no go F yourselves SB. In what world does a swath of riverfront land smack dab between the two premier neighborhoods of Chicago's north side need a TIF? If you want a TIF you can have one but it's going to be for a train line from the Brown Line to the Blue Line so your clusterfuck of a plan can't totally trash traffic circulation on the entire near North Side.


As I've said several times already: GO GET 'EM LORI!

[skysoar]

Originally Posted by LouisVanDerWright

This will be Lightfoot's first real test, the question will be how much do the alderbeasties fear her. One wonders if there will be enough defectors to aldermanic prerogative in this situation to defer to Lightfoot. Though there might also be enough lame ducks in office to throw the vote to SB.



Not hundreds, but Sterling Bay was sold the city parcel North of the North Ave Home Depot at a discount to Omni group's higher bid. The fact is SB is being given preferential treatment here as the "home team champ" which is exactly the kind of clouted bullshit that needs to stop. If Omni is willing to pay more for the facility management garage than Sterling Bay, then it should be sold to Omni. I don't care if SB is trying to do something big and fancy here, the city needs every dime it can get.

Same goes for this TIF bullshit, no go F yourselves SB. In what world does a swath of riverfront land smack dab between the two premier neighborhoods of Chicago's north side need a TIF? If you want a TIF you can have one but it's going to be for a train line from the Brown Line to the Blue Line so your clusterfuck of a plan can't totally trash traffic circulation on the entire near North Side.


As I've said several times already: GO GET 'EM LORI!

All of the arguments against Sterling Bay and Lincoln Yards development sound good, but reality is, this is where we are. In business development timing is everything, we can all commentate , and that's good , but in the end those with power and money will somehow find a way. Rahm played a smart hand in his statement, by saying I will not call for a vote, he did not say WE will not call for a vote. Very shrewd.